1. Create a toxic banking system full of sub-prime debt.
2. Insure against it failing and pocket the profit when they do.
3. Pay the credit agencies to give your bank an AAA rating.
4. On-sell some of the toxic debt to unsuspecting banks.
5. Credit ratings immediately downgrade their rating on account of this debt.
6. Have governments buy the rest of the debt as the banks are “too big to fail”.
7. This virtually bankrupts the governments.
8. Credit agencies downgrade governments now on the verge of bankruptcy.
9. The IMF insist governments sell national assets to clear debts.
10. Those who caused the crisis smack lips as they line up to buy assets.
11. Some plonker* writes article and misses the point.
2. Insure against it failing and pocket the profit when they do.
3. Pay the credit agencies to give your bank an AAA rating.
4. On-sell some of the toxic debt to unsuspecting banks.
5. Credit ratings immediately downgrade their rating on account of this debt.
6. Have governments buy the rest of the debt as the banks are “too big to fail”.
7. This virtually bankrupts the governments.
8. Credit agencies downgrade governments now on the verge of bankruptcy.
9. The IMF insist governments sell national assets to clear debts.
10. Those who caused the crisis smack lips as they line up to buy assets.
11. Some plonker* writes article and misses the point.
Comment by babog on Guardian article, Don’t blame the ratings agencies for the eurozone turmoil,
